Vietnam’s young, tech-savvy population is driving rapid grassroots crypto adoption, ranking fifth globally in Chainalysis’ 2024 Global Crypto Adoption Index.
New regulations, like the 2026 Law on Digital Technology, and major events such as GM Vietnam show strong government support for digital assets.
HashKey Group views Vietnam as the next crypto frontier, citing its developer talent, regulatory momentum, and growing ecosystem as key strengths.
Prior to 2025, Southeast Asia’s crypto landscape was largely unipolar, with Singapore serving as the region’s dominant hub. But the tide is turning. Across the region, regulatory environments are evolving—becoming more open, structured, and innovation-friendly.
Thailand has introduced digital asset regulations and licensing for exchanges, the Philippines continues to expand its crypto framework through the BSP and the Cagayan Economic Zone Authority (CEZA), and Indonesia launched a dedicated bourse for crypto assets, signifying increasing government engagement.
Factors conducive for a surging crypto economy
Among these fast-moving markets, Vietnam stands out as one of the most promising. The country’s Law on Digital Technology, set to take effect on January 1, 2026, marks a significant step toward formalizing its crypto regulatory framework.
But Vietnam’s rise in the crypto scene isn’t just regulatory: it’s cultural, generational, and technological. Even before the law’s implementation, Vietnam already ranks fifth globally on the 2024 Global Crypto Adoption Index conducted by Chainalysis, behind only India, Nigeria, Indonesia, and the United States.
Several factors explain this momentum. With a population exceeding 101 million, Vietnam is a young country: 45% are between the ages of 15 and 44: Millennials and Gen Z who are digital natives either entering the workforce or reaching their peak earning years. This generational skewing matters because younger users are more likely to adopt new financial technologies, experiment with decentralized platforms, and influence broader digital behavior across society.
Despite an average monthly income of just US$320, this lower income level paradoxically strengthens crypto’s appeal, as people seek alternative stores of value or speculative instruments to grow their wealth. The country is also home to over 530,000 developers: people with the technical skills to adopt, build, and advocate for blockchain technologies within their communities.
Crypto’s impact on the entire nation
While macro stats paint a compelling picture, we also have insights into the typical Vietnamese crypto user. As of 2022, roughly 70% of crypto owners in Vietnam were aged 18 to 34, while 25% were between 35 to 54. Men are more likely to own crypto than women: 44% of men compared to 35% of women, and one in every five Vietnamese crypto holders owns Bitcoin.
Usage skews toward payments and GameFi, the latter influenced by Sky Mavis, the company behind Axie Infinity. Co-founded by Trung Nguyen, Sky Mavis helped introduce play-to-earn gaming to the masses, including Vietnam’s working class. Crypto, in Vietnam, is not just the domain of the elite: it is reaching the base of the pyramid.
This bottom-up demand is now complemented by growing top-down support. Beyond the forthcoming legislation, the Vietnamese government has signaled openness to the industry in symbolic and substantive ways. Consider GM Vietnam, the country’s flagship crypto event slated for August 1 and 2, 2025, will be hosted at the National Convention Center in Hanoi, one of the nation’s most prestigious venues.
Past events held there include the 16th ASEAN Summit, the National Congresses of the Communist Party of Vietnam, and the Esports competitions of the 2021 Southeast Asian Games. Few countries would place a crypto event in such a venue. In Vietnam, this is a clear signal: the red carpet is being rolled out for the future of digital assets.
It’s against this promising backdrop that leading industry players such as HashKey Group see a unique opportunity. Hong Kong’s leading digital asset company has long been active in Singapore and Hong Kong—two of Asia’s most established jurisdictions for digital asset licensing and regulatory clarity—as part of a broader Asia Pacific strategy. These markets have helped shape their regulatory playbook, but they now view Vietnam, with its accelerating momentum and institutional support, as the next great frontier for compliant, innovation-driven crypto growth.
The firm is especially optimistic about Vietnam’s ecosystem and are active in contributing insights gained from their global compliance footprint. To that end, Ben El-Baz, Managing Director and Head of Global Expansion at HashKey Group, will deliver the keynote at GM Vietnam and also speak on a panel at The Future of Digital Assets and RWA appropriately titled, “How to unlock Vietnam’s potential through enterprise-grade solutions.”
Across both these events, Ben will emphasize the practical standards that Hashkey Group has adopted across markets, from rigorous investor onboarding and real-time on-chain monitoring to independent risk committees and strong internal governance. Ben believes that these pillars are not just technical requirements; they form the foundation of a trustworthy ecosystem. It is in this spirit that HashKey remains committed to supporting Vietnam as it builds a regulatory framework worthy of international leadership.
Vietnam is well placed to build on the legacy of its regional peers. Both Singapore and Hong Kong were part of the “Four Asian Tigers,” a term used to describe economies that achieved rapid industrialization and export-led growth during the late 20th century. The original Tigers—Hong Kong, Singapore, South Korea, and Taiwan—rose to prominence through manufacturing, infrastructure, and information technology.
Looking ahead, we propose a new term for a new era: Digital Dragon—an economy transformed not by industrialization, but by Web3 innovation, decentralized networks, and digital-native participation. Vietnam, we believe, is best positioned to embody this next evolution. With its young, tech-savvy population, deep bench of developers, strong grassroots adoption, and increasing regulatory clarity, Vietnam has all the ingredients to lead Southeast Asia’s next wave of digital economic growth.
We call it a Digital Dragon not only for its potential to soar, but because, like the dragon in Vietnamese folklore, it symbolizes strength, renewal, and most importantly, transformation.
〈Vietnam’s Crypto Rise: Youth, Talent, and a New Regulatory Era〉這篇文章最早發佈於《CoinRank》。